As was the case in my January WWW article, I had many more Danger Zones and fades than Buy Zones in the February edition as well. Before we get into March previews, let’s take a look back at what I said last month.

• MDA Space - Many of us in the Wolf Den discord were buying into the weakness late last year when the stock bottomed to just under $21. When MDA lost their large contract late last year the stock plummeted at opening creating a $6+ gap between $38 and $44 which I dubbed “The Grand Canyon Gap”. The stock traded under $35 when I published my Feb WWW and in it I told readers I was looking for that gap to close. It did so and ran to as high as $46 post earnings for a gain of nearly 32%.

• BluMetric Env - I amplified concerns from my previous review that investors did not know enough about the profitability of their recent acquisition. The stock tanked on earnings and has decreased by nearly 23% from last months article.

• KITS Eyecare - Again, I had concerns and suggested their already inflated valuation multiples would get more expensive post financials. Not only did that occur, but their financials revealed a highly questionable investment in a Bitcoin ETF, and perhaps more concerning, poor transparency from management and complete lack of holding management accountable from analysts. The stock is down more than 26% since.

• McCoy Global - Another Danger Zone call resulting in a 21% decline over the past month with further pressure added given the current situation impacting the Middle East and balance sheet concerns

• I also told readers I was fading the following - Haivision Systems dropped 19%, Illumin Holdings decreased 16% and ZTE Electronics by 11%

• I called out a post financials Buy Zone for Progressive Planet predicting a dip opportunity. The dip portion has now occurred with the stock down after earnings this past Friday. It remains to be seen how the Buy Zone opportunity will work out.

Not all my earnings previews worked out as predicted.

• I faded Avante Corp and they are up 14%

• I put Covalon Technologies into a Danger Zone and they are up 9% soaring much higher the first few days post earnings before fading late last week

• Kneat.com disappointed everyone including my Buy Zone call, falling by 11%

A decent report card overall. Let’s see how we make out this month looking at the following:

• Namesys Inc.

• Pyrogenesis Inc.

• Healwell AI

• Intermap Technologies

• iFabric Inc.

• Neupath Health

• Draganfly Inc.

• Adcore Inc.

• Baylin Technologies

• Auxly Cannabis

• Sabio Holdings

• Cleantek Industries
  

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Maybe that shouldn’t come to anyone’s surprise as my January article published last month only contained one true identified buy zone opportunity out of sixteen companies discussed, but included TEN danger zones or stocks I suggested readers should fade or ignore leading into earnings.

Before we get into February’s content, let’s look at the report card of what I said last month.

Odd Burger - I didn’t call a Danger Zone here, but a DEATH ZONE. About two weeks later, the company went under a full CTO and hasn’t traded since Feb 3rd.

I had the following four stocks in Danger Zones:

• GoodFood Market - Down 20%

• California Nanotechnologies - Down 17%

• Realbotix Corp - Down 21%

• Coveo Solutions - Down 22%

I also suggested investors fade the following stocks on upcoming earnings:

• CanPR Technology - Down 53% since my article and 46% on their financials

• Gatekeeper Systems - Down 9%

• Telescope Innovations - Down 21%

• Guru Organic Energy - Down 24%

• Medexus Pharmaceuticals - this one broke the trend, gaining 2% on results

The only solid Buy Zone last month came from one of my favourites, D-Box Technologies, and even they disappointed the market, dropping by 9%. That did drop them back in my buy zone however, and I acted on it twice last week at 75 cents. It was very encouraging to see insiders buy at 80 cents on Friday.

Here’s the stocks I’m covering this month with earnings expected over the next thirty days:

• Revolve Renewable Power - REVV.V

• BluMetric Environmental - BLM.V

• Ztest Electronics = ZTE.C

• Avante Corp - XX.V

• Covalon Technologies - COV.V

• AirIQ = IQ.V

• Docebo Inc. - DCBO.TO

• Kneat.com - KSI.TO

• Illumin Holdings - ILLM.TO

• Sylogist - SYZ.TO

• MDA Space - MDA.TO

• McCoy Global - MCB.TO

• KITS Eyecare - KITS.TO

• Haivision - HAI.TO

• Progressive Planet - PLAN.V

• PureBread - BRED.V

Will this February edition have some more optimism that what we saw last month?

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I’d suggest a good majority of you became subscribers from my annual Wolf Picks. Not including the recent ones made in December that includes 15 stocks over the past three years. During 2025 I started making mid year picks that I called “Seal of Approval” (SOA) picks to help differentiate them. Last year I made three of those. Of those 18 in total, 10 or 56% of them went on to at least triple and produced a total of three ten baggers (HBFG, PNG and NCI).

We are almost at the one year anniversary of my first ever mid year SOA pick - DBox Technologies on Feb 13th of last year. That pick is up 465% since.

In an unusual twist, this will be my first SOA pick that does not come on the heels of recent financial statements or a FINS Review - hence why I’m calling this a special opportunity.

For the record I do not see this stock going 7x like D-Box did in the following ten months, but I do like the potential opportunity for a 50% or more upside over the next four months.

It’s also likely one that you’ve heard of before as it has received a four star rating in the past.

Biorem received a four star review back in August of 2024 and over the next four and a half months the stock rose by 57% topping out at $3.45.

It has been a bumpy ride since however as over the next four and a half months dropped by 50%. It has since settled back in a range that it was at during that August 2024 review in the $2.25 - $2.40 area.

I was hoping for a dip after their latest financials, but the opposite happened and went on a run. I’ve been waiting for a pull back and that has happened over the last couple of weeks. I started of thinking about this article last week and the stock is up 9% from $2.26.

On a TTM basis, BRM has delivered under $35M in revenue, and far from shot the lights out with three of their last four quarters declining by 20% or more.

But their order intake has been a different story achieving a $71M total backlog after their last quarter with management estimating 75% of that total will be realized on the revenue line in the next four quarters. That would represent a 70% revenue increase over their current TTM numbers and 57% more than their best year - their 2024 annuals.

Biorem will be reporting both their Q4 of 2025 and Q1 of 2026 over a six week window between mid April and the end of May. They are up against weak comps, particularly in their Q1.

By the end of May, I believe we could see their TTM revenue climb to near $50M, with $5M in net income. Due to solving some logistics challenges last year, there is some additional profitability upside I believe also. BRM currently has a $39M market cap trading at 21 P/E and under 10 on an EV/EBITDA ratio.

At 12x earnings those numbers would drive a $60M market cap and $3.73 share price for a 54% upside, potentially better if those backlog numbers do not deplete with new order intake.

It could become a sell the news event following their Q1 financials. Best case they keep the momentum going with new contracts and their order intake exceeds reported revenue and it becomes a longer term hold.

Risks:

• Liquidity - while it is wasn’t uncommon to experience over 200k shares traded daily in 2025, it averaged under 30k shares traded daily in January. Shares could be hard to come buy. Be prudent with your bids and I highly discourage market orders (Note I always discourage market orders but here in particular).

• Revenue will always be lumpy here and while 75% of their $71M backlog is expected in the next twelve months, it’s not guaranteed to come in the next two quarters

With most of my Wolf Picks, I’m looking 18-36 months in the distance, so this one is a little unusual looking at a four month window with the potential to revisit it then.

For additional DD, here is a great writeup from my favourite Finnish investor - Heikki Keskiväli:

Heikki Keskiväli

Tilauskirjat rahoiksi ilmanlaatua parantamalla

Kirjoituksiani seuranneet tietävät, etten hypi edestakaisin markkinalla. Pyrin käyttämään keskimääräistä enemmän aikaa sijoituskohteiden etsimiseen ja houkuttelevien löytyessä pysyttelen kyydissä lähtökohtaisesti viiden vuoden ajan. Sijoitushorisontti on tyypillisesti riittävä johdon tavoittelemien asioiden saavuttamiseksi tai markkinatilanteen kääntymi…

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4 months ago · 4 likes · Heikki Keskiväli

Disclaimer:

My intent is for my reviews to be a bolt on to due diligence that you have already completed. I receive dozens of review requests a week, therefore my own DD may be great or none whatsoever. Unless otherwise stated or implied, my opinions are on the financial performance of the company based on their most recent filings. I conduct these reviews to assist other retail investors whose research skills are limited when it comes to reviewing financial statements. I do not accept compensation of any kind from company’s I review.

Wolf FINS Reviews are intended to be informational and are based on personal opinion. They are not intended to be financial advice, and all readers are encouraged to perform their own due diligence prior to their investment decisions, including discussions with their investment advisor.

It’s possible I’ve written about FOBI just as much as any other stock since I started writing FINS reviews six years ago. Ironically it was also one of my larger wins in the last five years, entering around 30 cents and selling most of those shares in the $3 to $3.85 range.

So yes, I bought into the initial hype. Thankfully I was one of the first to see there was little behind it, and I’ve spent much of my time since trying to convince others including the regulators on the TSXV and CIRO.

At the start, the hype did have some merit. They had pilots with the likes of Sobey’s and Pharmassist which had the potential of their devices being part of tens of thousands of registers, terminals and checkouts across the country. There were “involvements” or “partnerships” with Shopify, Wynn Resorts, World Boxing organizations, ski resorts, planned Vegas resorts and a host of others that I’ve likely forgotten about. Heck, their software was even used at the Oscars since the pandemic and even once had a partnership with Canadian golfer, Adam Hadwin.

FOBI50 became a hashtag referencing the potential for the stock to get to $50 one day. The CEO himself latched on with pictures of FOBI 50 cakes and even leaving a $50 tip on a $35 bar bill.

Of course the stock never traded above $3.85 and when the CTO occurred in early November 2024, it sat at $0.04, 99% down from it’s peak.

Despite all of the warning signs along the way (yes, even now), FOBI bulls continued and STILL continue to hold out hope. They are the type of investors who wouldn’t heed the “Don’t Eat The Big White Mint” graffiti warning above a truck stop urinal.

It’s almost unfathomable that is has been over two years since I published my last full review of the company. I brought that back from the archive and included it below.

So, why am I deciding to write about the company now, a full fifteen months since the company stopped trading on the Venture?

Well, it appears they are attempting to resurrect themselves. They are back to putting out news releases, their twitter account is active again, and their IR partner Agoracom is back with new promotion as well. All around a FOBI 3.0 theme, much of which include videos with AI voiceovers.

They have nearly caught up on all of their financial filings too, dropping a dump of them in October including the latest; their Q3 filings which ended March 31 of 2025. With a June 30 year end , their annual filings would have been due at the end of November, and Q1 of their new fiscal year at the end of December. Therefore they are still owing the market two more sets, and I’d imagine they would have to release those prior to their CTO being lifted.

In June, the company introduced a new CTO (Chief Technology Officer), Uddeshya Agrawal.

Visionary is quite the word to use in a press release about your new incoming member of the C-suite.

Most recently on January 23rd, the company closed a first tranche of a private placement for a little over $500k, issuing a little over 10M shares at an above market 5 cents. It appears seven shareholders participated based on that filing.

Based on that and a potential second tranche, the likelihood of FOBI trading once again in the not too distance future feels much more realistic. They are even out with new YouTube interviews discussing the new direction for the company. But here are top five reasons why I would be avoiding them like the plague should that day occur:

Historical Financial Performance:

This one is pretty simple. Since 2019 FOBI generated $5.4M (USD) in revenues and $55.8M in net income losses. During that same time frame the company burned through $25.2M of operational cash flow, sporting a return on invested capital of -3770%.

Best Performing Asset is Gone

Since FOBI has never provided systematic breakdowns of their revenues, this is a subjective opinion, but all clues point to the fact that Passcreator represented perhaps as much as 90% of their most recent reported revenues.

Guidance Lacks a GPS Signal:

In 2023 the company provided guidance for the first time. It did not go well.

The actual reported totals were $2.02M in 2023 and $2.92M in 2024 compared to $3.79M and $13.6M forecasted. Even the YTD figure in 2023 turned out to be incorrect when auditors disagreed with their ideas of revenue recognition. That $1.5M Q4 forecast was made during Q4 and their actuals came in at $234k. Therefore they missed that virtually real time forecast by 84% and then their 2024 forecast by 78%.

When Revenue Isn’t Revenue:

Two examples to speak of here. The first was PulseIR - an investor relations platform that was meant to improve communication with investors via a mobile wallet app.

By my count, they signed three contracts for $120k each, all had some form of previous relationship with FOBI and none that you would consider a quality investment. These all ended up being service for share transactions which FOBI ended up selling at significant losses where they could.

What I believe to be the biggest spectacle in the history of the company was BevWorks. This was initially announced as a five year, $10M contract.

In the initial press release in March of 2023 investors were told this about BevWorks:

“a Canadian beverage manufacturer that specializes in in-house production across various markets, including alcohol, beer, RTD (ready-to-drink) liquor, and alcohol replacement. With proven success in the craft brewery and hospitality industries, BevWorks disrupts beverage manufacturing through strategic M&As."

Two of FOBI’s biggest cheerleaders (the Big White Mint Eaters) were gushing upon this announcement.

This is how it was reported by their Investor Relations partner. A monster AI deal worth $10M over ten years.

Questions from skeptics immediately began to occur as Bevworks had only been registered as a business for a short time and their social media pages on Twitter and LinkedIn only launched days prior to this news release. In the first review following this announcement, I said this, “Colour me skeptical, but will FOBI get ten bucks from these guys, never mind $10M over five years.”

Three months later, the next press release announced a “Receipt of Payment” in regards to the deal. It turned out that the one time payment was an issuance of shares for 50% ownership of the company, thereby valuing this company at $20M. The release also stated that revenue would be recognized over the five year term per IFRS policies.

It turns out that the auditors needed to school FOBI on IFRS policies, as those amounts were never recognized as revenue.

The auditors didn’t even define it as a typical subsidiary, instead an “Investment in Associate”. The auditors determined the value of Bevworks to be $0 consisting of $47k in cash with $105k in non current liabilities. That was the extent of their balance sheet. Oddly missing from Bevworks balance sheet was any equipment that would be required to perhaps make some actual beverages. Instead of owning half of a $20M business, FOBI’s partial ownership of Bevworks was then valued at negative $29k.

The company’s first social media post came on the same day as the press release. They have not posted since August of 2023, and the bevworks.ca domain is now available. I’m considering buying it as a souvenir.

Insider Filings:

One of the reasons the stock received the attention it did in the early days was the CEO putting his money where his mouth was, or at least we thought. He very often purchased shares in the open market and exercised warrants and options - sometimes even out of the money.

When I did my analysis on the CEO’s personal and indirect ownership (through a company called FOBISuite) I counted 85 total transactions dating back to 2020 where he added to his share count, either through open market buys or exercising options/warrants. With a few exceptions, all of these were reported to SEDI within the required five day window. During that same time period, 225 transactions occurred with selling on the open market. Zero of those 225 transactions were reported on time. Over 200 of those transactions were filed and released to the market on March 12 of 2024, all of them between five and fifteen months late.

There are numerous examples of SEDI filings with open market buys that correlate to increased volume and a spike in share price. At the same time the market was not aware of the open market selling. The CEO even went on podcasts and complained about market manipulation while the market was unaware of him selling stock.

According to my analysis at the time, the CEO had a $2.38M net gain on trades of FOBI securities.

I could go on, and discuss the over paying of acquisitions like Qples, and the entertaining disappointments of NBC Comcast, and more. I think you get the idea by now. If FOBI 3.0 becomes a reality, remember how versions 1.0 and 2.0 went.

DON’T EAT THE BIG WHITE MINT!

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Disclaimer:

My intent is for my reviews to be a bolt on to due diligence that you have already completed. I receive dozens of review requests a week, therefore my own DD may be great or none whatsoever. Unless otherwise stated or implied, my opinions are on the financial performance of the company based on their most recent filings. I conduct these reviews to assist other retail investors whose research skills are limited when it comes to reviewing financial statements. I do not accept compensation of any kind from companies I review.

Wolf FINS Reviews are intended to be informational and are based on personal opinion. They are not intended to be financial advice, and all readers are encouraged to perform their own due diligence prior to their investment decisions, including discussions with their investment advisor.

“Do you happen to have any data on the performance of your write-ups by star rating? Or even just above/below a certain star rating”

The answer was yes, but it made me realize it was something that I haven’t done in sometime. In fact, I haven’t pulled any data on my reviews to see if there is a correlation between rating and future stock performance since I made the move to Substack. Today that changes.

Paid Subscriber Benefits:

• First access to annual picks, upgrades and mid year “Seal of Approval” picks.

• Monthly “What’s Wolf Watching” preview of upcoming earnings and potential market moves.

• FinsDontLie Scholastic Series - exclusive educational posts

• Access to The Wolf Den Discord community (daily insights, charts, chat & Q&A)

  ---

Before we get to that, I’d like to give a shoutout to Yellowbrick Investing. They have been a great promoter of mine and so many other writers on Substack and other platforms. Thanks for the push to have me go through this exercise, as it’s been too long. Check them out.

Here is what the data looked liked the last time I went through this process in April of 2024:

How was the data selected and compiled?:

To generate a large enough sample size, I like to take approximately 50 reviews that are near one year old. For this exercise I selected reviews between November 2024 and February of 2025 to generate that sample. Forty-five different companies were reviewed during this period. Many stocks were reviewed twice and in those instances I used the oldest.

For stock price performance, I took the last closing price prior to when their financials were released and compared them to today’s price I then grouped them into categories from my star ratings (0-5).

Clear as mud?

The Data:

Overall, I would make the determination that the results are quite similar as the last time I went through this exercise, with more dramatic positive results the higher the star rating.

Let’s review the individual data by category and look

for anomalies.

1 star reviews and under:

Not many anomalies here with six stocks receiving a review of 1 star or less, averaging a 62% decline since. The worst rating, Verses was also down the most, a staggering 96%.

1.5 - 2.5 stars:

Six reviews fell into this category, all in the red since their reviewed financials, ranging from -12% to -60%.

3.0 - 3.5 stars:

One of the most interesting things about this category is that 60% of all reviews fell within it, averaging a 59% increase over that time. The range however is substantial with California Nanotechnologies decreasing by 73% all the way to Hydreight Technologies increasing by 325%. \

Ratings of 3.0 also outperformed 3.25 and 3.50 reviews with several multi-baggers.

I like to refer to stocks in this category as “Tweeners”, as ones that are in between having great financials statements and terrible ones. Another factor I like to point out often to my readers is while two stocks may receive the same rating, that does not mean they are equally investable. Personally, I think this is where good retail stock pickers are separated from the rest, and it comes down to intangibles and due diligence.

Of the 27 stocks listed above, six are in bold and those are 2023 or 2024 Wolf Picks. Those average a 109% on those reviews. Thermal Energy Group, the only one in the red, I exited three months earlier when my thesis changed. Neupath Health, up 219% was also a bonus pick from my 2025 Wolf Pick article.

3.75 & up:

It shouldn’t come as a surprise that two thirds of this category were or became Wolf Picks. Again the worst performer, Enterprise Group was an exit, but I still hold the other three. Biorem was downgraded twice in subsequent reviews.

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Summary:

I think there is enough correlation here to suggest my ratings are meaningful, particularly when the ratings are poor. A shitco will always be a shitco, but there are still a number of retail investors who lose a lot of money in them. In the five years I’ve been reviewing financials this way, the only stock I can think of that succeeded was Reitman’s Canada, and that was only after entering into bankruptcy proceedings and coming out the other side a much improved retailer.

While meaningful, the ratings are not absolute, particularly as you get into what I would refer to as the “investable range” with 3 stars or greater. A small or microcap stock will never be one that you can “set and forget”. They must be continuously reviewed to ensure the thesis remains intact. One of the best examples of that from this list is probably Enterprise Group.

I first bought Enterprise in May of 2023 in the forty cent range with a 4 star review. They later became a 2024 Wolf Pick and received a rating as high as 4.5 stars. The thesis changed when I lost faith in management early in 2025 and I exited my position. The stock has continued to tumble since. In hindsight, I should have recognized it earlier.

Thanks to Yellowbrick Investing once again, I’ll try to do this exercise more often in the future.

I can’t rate myself, so how would you rate the reviewer? Leave a comment with how you think I did (I’ll probably regret this).

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Disclaimer:

My intent is for my reviews to be a bolt on to due diligence that you have already completed. I receive dozens of review requests a week, therefore my own DD may be great or none whatsoever. Unless otherwise stated or implied, my opinions are on the financial performance of the company based on their most recent filings. I conduct these reviews to assist other retail investors whose research skills are limited when it comes to reviewing financial statements. I do not accept compensation of any kind from companies I review.

Wolf FINS Reviews are intended to be informational and are based on personal opinion. They are not intended to be financial advice, and all readers are encouraged to perform their own due diligence prior to their investment decisions, including discussions with their investment advisor.

While it’s still way too early to spike the football being only one month later, they are off to a good start, all in the green and averaging a return of better than 30%.

This month, I’ll be previewing the earnings of the following sixteen stocks:

• CanPR Technologies

• Gatekeeper Systems

• Telescope Innovations

• Thermal Energy Group

• Cannara Biotech

• GoodFood Market

• California Nanotechnologies

• Odd Burger

• Flow Beverages

• BluMetric Environmental

• Realbotix Corp

• Guru Organic Energy

• Cineplex

• D-Box Technologies

• Coveo Solutions

• Medexus Pharma

Let’s see if I still know how to do this.

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It is a quiet time in microcap land with few releasing interesting financials to review of late. My monthly What’s Wolf Watching article will be coming out this weekend to preview what’s interesting earnings are on tap later this month and into early February. In the meantime boredom has set in, so I decided to re-release an article from about a year and a half ago with some updates.

Yes, I’m going to pick on VSBLTY ($VSBY.C) here, but I could have easily chosen a half dozen others.

I will admit, the company looked interesting at one time during Covid, and as you will read later, I actually threw some dollars at it. My first downgrade of the company was way back in May of 2022. Factoring in reverse splits, they traded at around $6.40 then.

Today they sit at 8.5 cents, a 98.6% decrease since that review. Notice I did not say the company is currently trading at 8.5 cents, as trading on the CSE has been halted for six months. For what I believe was the fourth year in a row, VSBY had not filed their annual financials statements on time.

I have been far from kind to them over the years:

So why I am bringing this up now? Just yesterday the company dropped a news release.

The company has not released financial statements to the market since November of 2024, yet they are allowed to release information to newswires while not giving numerous investors information about their halt status, or when they think they could satisfy conditions to resume trading.

They do have to provide the CSE a “Monthly Progress Report”, as all issuing company’s do who trade on that exchange. For the most part these are rather weak updates and normally just summarize news articles from the previous month. But occasionally they do provide investors who like to dig the odd nugget of information.

The last progress report VSBY filed was last week on January 6th. Yes, that reads short term loans up to 5% per month from related parties and insiders. I cover more detail on these loans in my Special Review article from mid 2024 below.

While regulators continue to fail us with lax oversight by not holding companies like VSBLTY more accountable, I will continue to write them on our behalf and also award zero star reviews to un-investable shitco’s.

Enjoy my July 2024 piece below. As my readership has about doubled since the initial writing, I hope it’s experienced by many new eyeballs.

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VSBLTY Special Review

Originally published, July 24, 2024:

Well, they released their financials finally, months late and within about a week after going full CTO. Don’t be confused. This isn’t the Undertaker rising from his back for a come back victory in WrestleMania. This is like keeping your 106 year old parent riddled with disease on life support instead of just doing the humane thing.

What a ride the last few years have been. Full disclosure as always, I actually held a position in this ditch pig once upon a time. It’s an embarrassing admission given the current state of things. It was an entry level position akin to playing “just the tip to see how it feels”, and I thankfully started to see the light around two years ago so I actually didn’t make out so badly.

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I gave VSBY a zero star review ten months ago which I only reserve for companies that I think won’t be around in 12-18 months. So when the stock went full CTO after months of an MTCO for late financials, it looked like you could start etching a date on their tombstone. Well they ended up releasing their financials finally and here we are.

This will not be your typical review - more like an airing of grievances as well as stating everything that is and has gone wrong with this company. It may get violent, vicious, and vulgar. I may need to take some timeouts in the process. Grab a cold one, hug your loved ones, and put the kids to bed.

WTF:

Let’s first go to the P&L because it may be the most humourous one that I have ever seen. Watching Jay and company run this business is like watching a monkey fuck a football.

Not only was revenue down in their most recent fiscal year by 57%, their gross profit was -90% compared to -30% in 2022. When you run a business with this level of ineptness that it’s a mathematical impossibility to determine a break even point, that might be your first clue that you are in the wrong line of work. They would have lost $1.6M less if their revenue was zero. Add in $8.2M of operating expenses and $2.5M in other expenses and you get to an $11.5M loss compared to a $12.4M loss last year.

Insiders:

Insiders of the company have earned $3.8M during the last two years which include over $2.3M in cash based compensation through fee based expenses for their previously mentioned performance.

If that wasn’t egregious enough, $1.25M of Marketing expenses and $155k of accounting expenses were paid to related entities over two years.

Furthering the corporate incest, about 1.15M of loans issues with interest rates between 48-60% came from insiders. Approximately $750k of this was repaid, while their accounts payables grew from $1.4M to over $4.1M. So, as payments to vendors lagged, insiders ensured they received theirs first, with sizeable interest.

Finally, in July of 2023 VSBY raised $3.36M at five cents. The CEO participated for 500k for $25k and the newly acquired execute chairman 1.29M for $64,500. As of March 31 of this year, that executive chairman has not paid for those shares per the financial notes, with that amount owing is included in the company receivables.

Joint Ventures:

The joint ventures of Winkel, AustinGIS and RadarUSA were pumped to extreme levels when they were first entered into and all three have turned into failures of epic proportions.

In 2023, Winkel lost $3.6M, RadarUSA $766k, and AustinGIS $4.25M on a combined $3.1M in revenue. Due to the negative equity of these businesses, their carrying value to VSBY is zero, therefore they did not have to recognize their portion of losses from these “partners”.

VSBY has sold services to and loaned Winkel millions of dollars since this venture was entered into and have impaired $2.66M of those amounts to date. Even in Q1 of this year they provided $300k in services but due to an unlikelihood of getting paid, could not recognize those amounts as revenue.

RadarUSA is a related entity with significant portions of their ownership owned by the CEO and other VSBY founder. VSBY provided $120k worth of consulting services to Radar (themselves essentially), and at some point determined that they would not be able to pay themselves and didn’t recognize $90k as revenue. Since they are essentially the same people it would make sense that they share office space. During last year it was determined that Radar would not longer be able to pony up any dough for their portion of the lease, so lease receivables of $65k were written off. They can’t even collect from themselves.

At the end of 2023 the final JV partner, AustinGIS had total current assets of $365k, current liabilities of $3.1M with $2.8M of long term debt. Luckily for VSBY investors, the company was able to double their ownership of this dogshit to 24% in 2023.

Shelf Nine or Shelf None?:

In October, VSBY acquired a company called Shelf Nine, paying $500k via stock, assumed all of their liabilities and 1.275M of the accounting for the transaction was allocated to goodwill.

In the original news release when the LOI was reached, Shelf Nine was to bring to the table 4500 digital screens across the US projected to generate $38M in revenue over the next three years.

By year end, a mere two months after the transaction was finalized, auditors determined the entire goodwill amount should be written off due to “not meeting targets”. Curiously, the company awarded previous owners for a partial attainment of their first milestone and issues shares. You can’t make this up.

$38M over three years works out to well over $1M in revenue per month expected from this deal. As a whole, VSBY recorded revenue of $207k in Q1 for the entire company. My best guess in parsing through their segmented revenue is Shelf Nine looks to have made up about $75k of that - for the quarter!

The Current Sitch:

At the end of March the company had $25k in cash and $200k in receivables which are about as reliable as the weather forecast in Iceland. This overtop of $6.2M in liabilities due within the next twelve months. They also burned $688k operationally in the first three months of 2024.

The cash on hand and receivables do not even cover amounts payables to management, mainly for the generous loans they provided to the company at 48 and 60 points.

The company issued two sets of convertible debentures in April and July for total proceeds of approximately $420k at 18%. $50k of convertible debentures were also given to insiders as compensation for services and listed as settlement of debt within the financials. Just another example of insiders getting theirs first.

One of the most complex news events occurred in April when VSBY created a new entity VSBY SPV1. That involves taking over Winkel’s contract in Latin America. Along with that is also an assumption of an additional $2.1 of debt. They added nearly $1M to this credit facility just a few weeks later with the current interest rate of SOFR + 12% coming in at approximately 17%. In just a couple of months this credit agreement has been amended twice to push back initial payments.

Additional promissory notes for $100k at 18-48% interest were also issued.

How this may shake out on the revenue line is anyone’s guess but an idea should be known when the company reports Q2 in about a month. The mess of the balance sheet should be more up to date as well.

Conclusion:

If you have any semblance of a brain, you’ve probably come to a similar grim conclusion.

VSBLTY has turned into the worst performing company that I have ever looked at. Period. They have produced vomit inducing financial statements for several years. Insiders have fared extremely well over that time span with outlandish compensation through managerial fees, related party relationships, and through earning interest on loans provided to the company at interest rates of up to 60%. One insider had participated in a private placement (viewed as bullish at the time) but didn’t pay for those shares as of their last financial statements. Any joint venture they have entered into has been an adjective failure, and their latest acquisition was a flop within two months.

Everything this company has touched since its inception has turned to utter shit. Anyone expecting any different in the future needs a mental wellness check. If leadership was selected to light the Olympic torch this Friday in Paris, they would find a way to first drown in the Seine.

I will not be doing another VSBY review like this. The next write up from me will be an obituary. I look forward to dancing on their grave.

(Updated: I guess I was wrong because here I am)

Disclaimer:

My intent is for my reviews to be a bolt on to due diligence that you have already completed. I receive dozens of review requests a week, therefore my own DD may be great or none whatsoever. Unless otherwise stated or implied, my opinions are on the financial performance of the company based on their most recent filings. I conduct these reviews to assist other retail investors whose research skills are limited when it comes to reviewing financial statements. I do not accept compensation of any kind from companies I review.

Wolf FINS Reviews are intended to be informational and are based on personal opinion. They are not intended to be financial advice, and all readers are encouraged to perform their own due diligence prior to their investment decisions, including discussions with their investment advisor.

2026 will be my sixth year performing reviews of the financial statements of micro-cap companies. These picks will be my fourth time announcing my annual picks to that community.

2025 was the first year where I began selecting mid-year picks, because why wait when a stock stands out to you that much. Those ones I affectionately refer to as my Seal of Approval picks. Combined, I have now announced 19 of them across three years. Ten of those picks or 53% of them went on to at least triple. An equal investment across all nineteen picks would be up a combined 419%, or a 105% average annual return.

That would also mean that you would hold nineteen microcaps (not recommended) and Happy Belly Food Group would represent over a quarter of your portfolio as the stock has gone 21x from when it was selected at a dime. Currently, I still hold seven of them.

No matter who you are, all of your micro cap picks are not going to turn out to be Happy Belly, Kraken Robotics (11x at peak), NTG Clarity (19x) or D-Box Technologies (6x since selected in February). As I was preparing to write this article over the past few days, I couldn’t help but think of a few of those picks that haven’t gone so well. Let’s face it, if I don’t bring them up, my haters sure will. That caused me to tweet the following on Monday morning. Since my annual picks are my most read articles I think it is important message.

If past is prologue then I will likely hate one of the picks I am about to discuss in about six months time. It’s a funny thing to think about right now but it happened with Now Vertical in 2023, Simply Solventless this year, and to a lesser extent Thermal Energy Group in 2024 - while I no longer hold TMG I still think there could be better days ahead. The message I’d like to convey here is I only took a small loss on one of those nineteen picks - HASH. Continuous evaluations of your microcap holdings is a paramount task - these are not set and forget blue chips.

That doesn’t mean that all of my exit decisions are great ones either. I exited Gatekeeper Systems before the big run up which peaked at 6x from my 2024 Wolf Pick, but we move on and look for the next one.

One of the things I pride myself most in is telling my readers exactly what I’m thinking, including listing concerns for any stock that I’m currently holding. That message goes out to all CEO’s as well. I may compliment you today and publicly pull your pants down tomorrow.

How about we get into the 2026 edition?

January 1st chart updates:

Atlas Engineering Products ($AEP.V)

Progressive Planet ($PLAN.V)

iFabric ($IFA.TO)

Pharmacorp RX ($PCRX.V)

Pudo Inc. ($PDO.C)

Avg return up 31.1% from paid subscriber release on Dec 17.

Atlas Engineered Products ($AEP.V)

We are going back to the well with the first pick as Atlas was included in my 2023 version of annual picks. Just three weeks ago I covered their Q3 results pretty extensively so I suggest starting your reading below as it outlines many of the reasons why they are being chosen here in 2026.

In the article, I discuss one of the risks being a slower than anticipated rebound in macro conditions. That risk is real, particularly when you consider much of that momentum will come from governmental involvement. But even if that macro turn around is slower than expected, I still think there are many reasons to like Atlas going into 2026. The first is the rather weak comps they will be reporting against, and it starts when the company reports their Q4 towards the end of April.

AEP suffered an $800k net income loss in Q4, and this was mainly due to a $1.5M impairment they incurred due to a lost deposit from a vendor bankruptcy. I think it’s safe to say that will not repeat itself.

While not large dollars, they will also have the benefit of their latest acquisition, Penn-Truss included in their next three quarters on a non comp basis. Their automated robotics facility in Ontario is also anticipated to be operational in Q3.

I think my thesis can be summed up best this way. I first liked them in mid 2022 in the 50 cent range. It went on to triple from there and then suffered mainly due to poor macro conditions with the industry hitting the bottom cyclically. We’re three years later, the price is once again back in the fifties, the macro cycle is on the verge of an upswing period and they are a much larger and stronger company then they were in 2022.

Progressive Planet ($PLAN.V)

I ended the last pick with a summation of my thesis so let’s start with Progressive Planet’s.

To me, Progressive Planet is like investing in a speculative pre-revenue play, but one that already has a profitable and well run legacy business funding it. I like to think of them as investing in a better version of NorthStar Clean Technologies $ROOF.V.

That best describes my interest and why I hold a position.

Now if one were to just look at the company’s current suite of products that include cat litter, ice melt and a host of other agricultural, industrial and household products, I can see how one would potentially overlook this $32M market cap company operating out of British Columbia. Cat litter and their other products are not headline making or sexy industries. But Progressive Planet has been able to go from $0 in revenue in these product lines to over $20M in under four years - all while doing so profitably and generating $4M in free cash flow in both 2024 and on a TTM basis. So we are already looking at a business valued at 8x cash flow generation before we get to the exciting parts.

The exciting part is PozGlass, a scalable cement alternative derived from recycled glass.

Earlier I made comparisons to NorthStar Clean. They have these similar traits in common.

• Feedstock supply are landfill diversions (shingles/glass) and the company’s are paid to take them

• Traditional product additives (asphalt - shingles / fly ash - cement) are declining

• Established partnerships with large North American manufacturers. In this case, Lafarge (now Amrize) who has committed to buy up to 3500 tons of PozGlass per year.

  

• Clean Energy funding grants

• Scalability through licensing their technology through future plants

Those are the main comparisons, but I strongly believe PLAN has these advantages:

• Current profitable business

• Cleaner relationship with Lafarge without exclusivity or royalties

• Cleaner cap table with much less future dilutionary risk.

• Easier path to licensing as it integrates into existing cement manufacturing operations

While NorthStar does have their Calgary facility operational, Progressive Planet isn’t that far behind, pouring their first metric tonne of finished PozGlass SCM powder less than a month ago.

Further reading to enhance your due diligence:

My Q1 2026 review:

And finally for your viewing pleasure, their presentation from the recent Rivemont Microcap Event:

iFabric ($IFA.TO)

I’ve covered iFabric for quite sometime now and back in October I highlighted them as a buy zone leading into their most recent earnings and while it took a little while the stock is up 25% since then. The company is also up about 40% YTD, but it feels like this could be a story just unfolding.

The most simplistic description would be to refer to iFabric as a textile or apparel manufacturer. While this is true there is more to this story. They have two main segments of apparel. Intimate apparel and what they call Innovative fabrics.

While intimate apparel can garner some excitement in various ways, from an investment and growth perspective, my eyes are “up here” looking at their Innovative Fabrics.

While their intimate apparel business is a little worse than flat YTD, their Innovative Fabrics are up by 40% and several initiatives are in place to have this growth continue into 2026 and beyond.

Their retail presence is quite an impressive list considering we’re looking at a sub $45M microcap. Within the last few months they have had some significant announcements which appear could send their revenue to another level. All of the occurred since September:

• Launch of one of medical scrubs line into Walmart both in-store and online

• Launched a new apparel line (Versuz) into Costco with an expanded roll out planned in 2026

• Signed an agreement with Doctor’s Choice (Mercury Athletics) to design, manufacture and sell medical scrubs and medical apparel under their brand

• Renewed their 5 year agreement with TUMI to integrate their smart fabrics into TUMI products

• Marks & Spencer will utilize their PROTX2 technology within select items of their Autograph collections across the UK and EU.

iFabric also has a current EPA “kill claim” registration pending approval with the organization. If successful, that would give them a significant competitive advantage in a $10B per year industry.

The company’s fundamentals are mixed but in general are on the positive side. They have shown consistent revenue growth from 2019 when they were a $10M top line company to over $32M on a TTM basis, and they have delivered positive net income in three of their past four quarters.

Their balance sheet is decent, but their cash flow does stand out with over $2.6M in operational cash burn thus far in 2025. This is caused through working capital adjustments and specifically through deposits against future inventory deliveries. This specific account could really be a bellwether into the company’s future revenue performance (also explained in the video below).

If revenues are as strong as the company suggests they could be in the next couple of quarters, then the operational cash flow problem should turn quite dramatically to the positive.

No microcap is risk free and iFabric is no different. The company hasn’t been immune to the tariff situation and are not only impacted by USA/Canada relations but those that impact China as well. This has had an impact on gross margins (3-5%), but it certainly has not impacted their top line as revenue to the USA is up by 77% this year. Anticipating where tariffs could go in 2026 is a fools errand. Any agreement would likely result in rather significant bottom line improvements carrying down from the gross profit line. Tensions could also escalate and further impact margins.

An unsuccessful EPA “kill free” designation would also be news that would hurt the stock - no where near as dramatic as an FDA decline would on a biotech but would remove a potential dramatic future catalyst. The other large one would be a loss of one of their major brand partners.

Overall the potential catalysts for 2026 do seem to outweigh the negatives or risk here. For a better idea on leadership, I have included their recent video detailing their earnings with Adelaide Capital.

Are you willing to bet against two leaders named Hilton and Hylton?

PharmaCorp Rx ($PCRX.V)

Do you like roll-up stories? A potential boom/bust story? That may just be the case with PharmaCorp. Earlier in my introduction I talked about that one stock that I just might hate in six months - the early candidate for that could be PCRX. LOL

PharmaCorp’s business model involves acquiring independent pharmacies and rebranding them under the PharmaChoice Canada banner through a strategic alliance agreement. They only began trading on the TSX Venture less than 18 months ago and have gone from $0 in revenue in year one to $18M on a TTM basis and all indications are significant revenue growth will be major headlines for several quarters to come.

At their most recent quarter end (Sept 30), the company owned or had the majority control over 4 pharmacies across the country. Three days after their quarter closed they added 3 more pharmacies under their banner on October 2nd. The future pipeline of acquisition targets is huge with an exclusive first right of refusal on over 1100 pharmacies across the country.

One of the things that caught my eye with PCRX was what they can do with pharmacies post acquisition. Pharmacists are not merchants and I don’t think anyone would expect them to be. This is where an experienced leadership can take charge optimize the store on a number of fronts, from merchandising to buying to operations.

It is one thing to add bullets to a slide, and another thing to execute. What I find most encouraging is they appear to have been able to begin to achieve this in a relatively short amount of time post acquisition by improving both revenue from scripts and the rest of the store.

Also occurring post financials was a raise of capital for $23M to support future acquisitions. What was initially a $15M raise, was upsized to $20M and eventually closed a week later at $23M signaling some significant interest which also included some healthy participation from insiders.

The fundamentals themselves are very early on to fully rate, but the revenue being generated from their first few locations look quite sustainable from an operational cash flow perspective, are EBITDA positive and near break even on Net Income. With just four operating pharmacies they are quite positive on their own from an operational gain/loss perspective with their corporate expenses sending them into the red. But those costs are flat YoY suggesting with additional scale they could turn profitably quite easily with added locations.

In terms of risks, yes this stock has them. The first is the amount of dilution already nearing a cap table of 170M shares with future dilutionary risk from additional raises and warrants baked in from previous PP’s. Next is what I deem some lack of transparency into the individual acquisitions themselves. Typically I would like to see some form of revenue and profitability metric announced with each acquisition and the company provides none of that. There isn’t massive goodwill involved in these locations but there is just enough that if those planned operational improvements don’t come as advertised, future write offs of that goodwill could be in the cards.

Either way this is going to be an intriguing story going into 2026. They will create some buzz with their revenue headlines, but will they create headlines anywhere else is currently the question. As far as I can tell, few if anybody are talking about these guys in microcap land. I think that changes in 2026 and one day could be compared to Well Health.

PUDO Inc. $PUDO.C

WHO. right?

Pudo is a $10M market cap company trading on the CSE and their name is an acronym for Pick-Up, Drop Off. They provide e-commerce retailers with a low cost, convenient returns solution.

If you own a convenience store or a dry cleaner business, you can become a “Pudo Point Counter”. Do you remember Sears Catalogues? In addition to their retail stores, they had several thousand pick-up points across the country that enabled customers to pick up their catalogue order. Pudo works in a similar fashion but can be used for an endless number of retailers.

They are an official Amazon hub channel partner and have relationships with courier companies like Purolator, Canpar and Loomis. They have Pudo counters in national retail locations like Staples and are located in regional convenience stores like Hasty Market. I have three counters within a short drive of me here in Oakville.

Above are the avenues in which Pudo drives revenue. As you can see above, their top two revenue segments that make up 85% of their total revenue more than doubled in their recent quarter.

Pudo’s network has also grown by 52% YoY with another 700 locations coming in the next twelve months due to new partnerships. There is also quite the disparity between revenues generated from Canadian and US locations. That is currently due to the limited number of services offered in locations based in the USA, but additional services are being rolled out south of the border as well.

The biggest challenge for a wannabe shareholder is actually obtaining a piece of the company. Liquidity is not something you’re getting with Pudo. It can go days on the CSE without any shares traded. Their top two shareholders above hold 40% of all outstanding shares and insiders and directors hold approximately another 21%. That still leaves about 13M shares unaccounted for. That will typically generate some daily volume, but that is not the case with Pudo. Current shareholders appear to have some diamond hands so prying enough away for a sizable position will be a challenge here and could also be the biggest risk.

From a financial fundamentals perspective, nothing is exactly jaw dropping. The company will produce their Q3 sometime next month. That should be another very strong top line quarter and that will put their TTM revenue somewhere in the area of $6M annually. Currently they are operationally cash flow neutral and are slightly better than break even on the P&L. Their latest raise of capital was back in March which has significantly improved their balance sheet and the participants in the raise included both insiders and one of their customers - Cardinal Couriers.

Similar to the two 2025 Wolf Picks that were acquired in the previous month, that outcome could provide the best return, and it certainly seems Pudo is building themselves into an acquisition target.

Happy Returns with a very similar business model was purchased by PayPal in 2021 for $265M, and two years later was purchased by UPS for $465M, and that was done at a 8-9x revenue multiple.

That presents some very enticing potential math for this $10M market cap with their current growth trajectory and ongoing initiatives.

How about some bonus picks or others I’m watching heading into 2026:

ZOMD.V

While the stock is still up 150% from my first call out to subscribers prior to their Q3 last year, it’s now off more than 50% from it’s highs. All of the metrics suggest this is highly undervalued and the reaction to their 3% decline from their record quarter is a significant overreaction. $100M in TTM revenue with 25% profit margins driving an P/E ratio of under 6 and an EV/EBITDA of 4.0 with an ROIC of 78%.

Enough said.

GLOW.C

I’m not sure I’m a long term believer here given their history of mishandling their cap table, but the stock is setting itself up for a decent spring swing when those 39M warrants expire.

ROMJ.V

A couple of months ago I was almost sure Rubicon Organics would have made my top Wolf Picks, but the disappointment of last quarter caused me to reduce my position. Their cash burning expense growth needs to slow for me to fully get back on the train.

TMG.V

I was hoping for the opportunity to potentially get back into TMG under 12 cents as the tide feels like it may be turning to the upside. They are still up against a tough second quarter when they report in late January. I will look for that dip opportunity again around that time, as the balance of 2026 will see the company up against much softer and beatable numbers.

NPTH.V

I covered NPTH in this very space for my 2025 Wolf Pick article, and it nearly three bagged in the process. They still aren’t getting some of the operational leverage I wanted to see but they are continuing to grow the top line at an impressive clip. Should that operational leverage start to happen, look out as it could create another big move to the upside.

Enjoy the remainder of 2025, and I wish much success to you and your family’s in the new year. Happy Investing.

Disclaimer:

My intent is for my reviews to be a bolt on to due diligence that you have already completed. I receive dozens of review requests a week, therefore my own DD may be great or none whatsoever. Unless otherwise stated or implied, my opinions are on the financial performance of the company based on their most recent filings. I conduct these reviews to assist other retail investors whose research skills are limited when it comes to reviewing financial statements. I do not accept compensation of any kind from companies I review.

Wolf FINS Reviews are intended to be informational and are based on personal opinion. They are not intended to be financial advice, and all readers are encouraged to perform their own due diligence prior to their investment decisions, including discussions with their investment advisor.

Wednesday morning was the release of the 2026 Wolf Picks. Even though these are intended to be long term picks, it’s always interesting to watch the price and volume action on release day.

Combined the five picks have a normal three month daily average of 385,000 shares traded. On Wednesday, they combined for 2.74M shares that traded hands. It’s super early of course but all finished the week in the green with four of the five up between 10% - 40% since Wednesday. That article is tentatively scheduled to be released on Thursday January 1st assuming the New Years Day hangover cooperates.

Approximately 300 Canadian stocks will report financials between now and the end of the year, most will be pre-revenue miners and shitco’s unworthy of deep dives into their financials. I am looking forward to Gatekeeper Systems who will be reporting their annuals soon, so look for that in addition to Progressive Planet (FINS last week) and potential reviews on DavidsTea and an initial look at Pesorama.

What’s Wolf Watching will also return in January after a one month hiatus due to the Wolf Pick article.

Beat the Wolf & Win Wolf’s Money

More than 1700 of you subscribed thus far in 2025 helping to surpass 4,000 total subscribers and my articles were read nearly three quarters of a million times in the past year. In that same timespan three Wolf Picks achieved 10 bagger status with one of those hitting 23x, and my first ever mid year pick D-Box Technologies went from 14.5 cents in February to touch $1 two weeks ago.

I’m very thankful to all of you and for that reason I will be running a stock picking contest running from January 1st through June 30th. Top prize will walk away with $500 of my money, and there will be additional subscription prizes as well.

Contest will be open to all paid subscribers who are members of the Wolf Den discord. Full details will be announced in the Wolf Den tomorrow.

If you’re not a paid subscriber, don’t fret. Tomorrow I will also be selecting a free subscriber at random to receive a six month comp subscription. All free subscribers as of tomorrow morning will be eligible - I will use a random number generator to select the winner and contact them by email. I pride myself in trying to deliver quality educational investment content for everyone and that will continue into 2026.

Happy Holidays and I wish you much investing success in the new year.

Paid Subscriber Benefits:

• First access to annual picks, upgrades and mid year “Seal of Approval” picks.

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2025 was the first year where I began selecting mid-year picks, because why wait when a stock stands out to you that much. Those ones I affectionately refer to as my Seal of Approval picks. Combined, I have now announced 19 of them across three years. Ten of those picks or 53% of them went on to at least triple. An equal investment across all nineteen picks would be up a combined 419%, or a 105% average annual return.

That would also mean that you would hold nineteen microcaps (not recommended) and Happy Belly Food Group would represent over a quarter of your portfolio as the stock has gone 21x from when it was selected at a dime. Currently, I still hold seven of them.

No matter who you are, all of your micro cap picks are not going to turn out to be Happy Belly, Kraken Robotics (11x at peak), NTG Clarity (19x) or D-Box Technologies (6x since selected in February). As I was preparing to write this article over the past few days, I couldn’t help but think of a few of those picks that haven’t gone so well. Let’s face it, if I don’t bring them up, my haters sure will. That caused me to tweet the following on Monday morning. Since my annual picks are my most read articles I think it is important message.

If past is prologue then I will likely hate one of the picks I am about to discuss in about six months time. It’s a funny thing to think about right now but it happened with Now Vertical in 2023, Simply Solventless this year, and to a lesser extent Thermal Energy Group in 2024 - while I no longer hold TMG I still think there could be better days ahead. The message I’d like to convey here is I only took a small loss on one of those nineteen picks - HASH. Continuous evaluations of your microcap holdings is a paramount task - these are not set and forget blue chips.

That doesn’t mean that all of my exit decisions are great ones either. I exited Gatekeeper Systems before the big run up which peaked at 6x from my 2024 Wolf Pick, but we move on and look for the next one.

One of the things I pride myself most in is telling my readers exactly what I’m thinking, including listing concerns for any stock that I’m currently holding. That message goes out to all CEO’s as well. I may compliment you today and publicly pull your pants down tomorrow.

How about we get into the 2026 edition?

Read more

Well, it was a fun ride. At least most of the time, sometimes it felt more like an abusive relationship.

To date Trubar (formerly Simply Better Brands) is my only repeat annual Wolf Pick - selected both in 2023 and 2025.

In case you’re living under a rock, Trubar announced they were being acquired for $1.64 a share this morning by ETİ Gıda, a CPG company based out of Turkey. That represents a 64% premium to the current share price, an 86% win from the 2025 Wolf Pick, and a 7 bagger (613%) from the 2023 pick. Let’s discuss.

The transaction, valued at $201M could be viewed by some retail shareholders as disappointing. I totally get it. Including their Q3 revenues, (also announced today) had their TTM in the neighbourhood of $90M CAD. That represents a 2.2x multiple, and that would be by far the lowest revenue multiple for a M&A transaction within this sector in the past eight years - at least according to the table below that the company has been sharing eagerly for sometime. The average multiple of 4.1x would have generated a $370M purchase price.

While I understand how some shareholders are disappointed here, I am far from taking that position. While it sounds nice, solely using a revenue multiple for anything is a terrible idea.

In looking at the M&A transactions above, four of them had known or estimated EBITDA at the time of the transactions. Those averaged just over 12x EBITDA when acquired. The $201M purchase price using an EBITDA multiple would equal nearly $17M. Trubar has negative YTD EBITDA and also on a TTM basis. In fact, they were also negative on the adjusted EBITDA line.

From what we know of the comparable deals, the acquired companies above also had much better looking balance sheets than Trubar. The oldest one on the list (Kellogg’s acquiring RXbar) was for $600M, and it included $400M of tax benefits and no debt. It was also profitable out of the gate for Kellogg’s with an 11% net margin in the first year of the deal. ETİ Gıda is not going to see anywhere near that type of immediate return.

Comparatively, Trubar’s results were not in the same ballpark as the others, at least of the ones we can gather data from. Margins were shrinking with rising promotional costs. They also ended Q3 with a quick ratio of .5 highlighting their poor liquidity situation, TTM operational cash burn of approximately $12M, and had burned through nearly 60% of their line of credit. A raise of capital or an increase in bank debt was likely in the cards before the company reported their Q4.

There are many reasons why it didn’t garner a higher multiple. I could take additional shots at management here but I’ve done that before and it would be exhausting. Plain and simple - Trubar’s results didn’t warrant or deserve that average 4.1x revenue multiple.

Be thankful, put them in your rear view, take your profits and move on to the next one. There always is and the 2026 Wolf Picks are less than a month away.

Subscribe now

Disclaimer:

My intent is for my reviews to be a bolt on to due diligence that you have already completed. I receive dozens of review requests a week, therefore my own DD may be great or none whatsoever. Unless otherwise stated or implied, my opinions are on the financial performance of the company based on their most recent filings. I conduct these reviews to assist other retail investors whose research skills are limited when it comes to reviewing financial statements. I do not accept compensation of any kind from company’s I review.

Wolf FINS Reviews are intended to be informational and are based on personal opinion. They are not intended to be financial advice, and all readers are encouraged to perform their own due diligence prior to their investment decisions, including discussions with their investment advisor.

As with all points in time, the vast majority of those will be Venture and CSE shitco’s not worthy of anyone’s time. But I’ve sifted through most of them and will discuss the ones I find most interesting.

After parsing out the ones we can safely ignore, a majority of the ones left will be reporting on their third quarter. I always find these to be the most impactful reports of the year, particularly for those who report on the junior exchanges. My rationale for that is the length of time between being able to evaluate their Q3 and Q4/YE results. For companies reporting over the next two weeks, it could be up to five months before we can evaluate their financial and fundamental performances again due to the extended schedule junior exchanges allow for year end reporting.

Therefore a poor performance in Q3 poses more risk than a Q1 report in May or a Q2 report in August. It also comes at a time when investors are pondering tax loss selling decisions and a shitty Q3 may just be the deciding factor for some.

I anticipate this will be one of my longer articles of the year. This will also be my last WWW article of 2025 as the feature article in December will be my 2026 Wolf Picks.

Before we get into the new stuff, let’s take a look back at what I had to say in last month’s earnings preview.

The Good:

DBO.TO - D-Box Technologies - up 58% from my Buy Zone call and up 357% from my February Seal of Approval pick.

DPRO - DraganFly Inc. - down 45% from my Danger Zone

XLY.TO - Auxly Cannabis - Buy Zone/Sell the news turned into a 41% swing opportunity.

TMG.V - Thermal Energy Group - Down 14% from the Danger Zone call

ZTE.V - Ztest Electronics - Down 10% from the Danger Zone call

NPTH.V - Neupath Health - 16% up from Buy Zone

IFA.V - iFabric popped 16% on earnings day from the Buy Zone

The Not So Good:

WELL.TO - Well Health - down 16% from my Buy Zone call

PSD.TO - Pulse Seismic - down 16% from my Buy Zone call (more to do with conference call commentary than results in fairness)

I’ll be discussing the following this month:

• Glow Lifetech

• ZoomD Technologies

• Namesilo Technologies

• NorthStar Clean Technologies

• MTL Cannabis

• Total Telcom

• Emerge Commerce

• Imaflex

• Revolve Renewables

• Hydreight Technologies

• Hypercharge Networks

• Build Direct Technologies

• Intouch Insights

• Kraken Robotics

• Happy Belly Food Group

• Simply Solventless Concentrates

• Sabio Holdings

• Trubar

• Cannara Biotech

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Since my last post, I had a wonderful vacation in Italy, then caught the flu, and then had scheduled hand surgery.

There are more than 200 new subscribers since my last WWW article. These monthly pieces aim to cover some of the most interesting companies scheduled to release their financials over the next month or so. Within them I will often identify potential buy zone if I anticipate a potential boost on earnings and a danger zone if I’m worried about market reaction.

I had the following Danger Zones stocks last month:

$CAF.V - Canaf Investments - down 13.5% since

$RET.V - Reitmans Canada - Flat

I also told readers to fade NamSys who’s valuation felt very high and they stock is down 27% since. Similarly, DavidsTea was another fade leading into their earnings and they fell by 25% since.

My two buy zone from last month did not go as planned however with Orbit Garant drilling falling by 9.5% and more surprisingly, Sangoma Technologies falling by 14% on earnings day after producing great results but issuing very tentative guidance.

The last thirty days were rather weak in terms of the number of interesting companies to cover, but that cannot be said for the next handful of weeks.

This particular week will also be interesting to watch which of the 70 or so companies presenting at Toronto’s Planet Microcap Showcase get an uplift - you can usually see who are the investors favourites at the event by watching their tickers after their presentations and one on one meetings. Sadly due to my surgery and other scheduling conflicts, I will not be attending this one but wish the organizers much success with the event.

In an unusual turn, I have more Buy Zone’s than Danger Zone’s in this month article. Keep reading to find out which of these companies fall into those categories:

$TMG.V - Thermal Energy Group

$PSD.TO Pulse Seismic

$REVV.V - Revolve Renewables

$FEB.V - Fab Form Industries

$ZTE.V - Z-Test Electronics

$MDA.TO - MDA Space

$EAGR.TO - East Side Games

$AVCN.TO - Avicanna Inc

$IMP.TO - Intermap Inc

$DPRO.C - DraganFly Inc.

$NPTH.V - Neupath Health

$ROMJ.V - Rubicon Organics

$IFA.TO - iFabric Corp

$NOW.V - NowVertical Group

$DBO.TO - D-Box Technologies

$WELL.TO - Well Health Technologies

$MCB.TO - McCoy Global

$XLY.TO - Auxly Cannabis

$CEMX.TO - Cematrix Corp

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Last month was an especially busy one where I covered twenty companies. This version will not be quite as lengthy, but it will include the following fifteen:

1. Canaf Investments

2. Plurilock Security

3. NamSys

4. Reitmans

5. Flow Beverage

6. DavidsTea

7. Thermal Energy Group

8. Orbit Garant Drilling

9. Nexe Innovations

10. Sangoma Technologies

11. Avant Brands

12. Dynacore

13. Aritzia

14. Tilray

15. Velan Inc.

Before we get into those, I always like to include a report card of how I did last month. Most, with one very large exception worked out much like I thought it would.

HITS:

$ZOMD.V - Buy Zone - One of my highest conviction plays rose as high as 91% and currently sits 61% higher from my Sept WWW buy zone and 3x from my 2025 Wolf Pick.

$OILS.C - Buy Zone - Increased by 31% on earnings day.

$HBFG.C - Buy Zone - Up 27% from the identified buy zone

$WELL.TO - Buy Zone - Jumped as high as 19% on earnings before settling back to +4%.

$NOW.V - Danger Zone - Down 34% since earnings dropping by as much as 47%

$BILD.V - Danger Zone - Down 15% from earnings and 22% from highs

$FLT.V - Danger Zone - Down 12.5% since earnings

$IFX.V - Danger Zone - Down 11% since earnings

Misses:

$TRBR.V - Buy Zone - Down 20% from their earnings date and fell as much as 38% before recovering. As a 2025 Wolf Pick I had a lot of harsh words to say. This offended some bulls but I stand by my comments. I’m still holding my full position which is still in the green. While I’m still bullish on their potential the results they delivered in Q2 are not sustainable.

$ROMJ.V - Danger Zone - The stock is up 7% since earnings and was up much higher before a recent pull back. The good news is I liked it so much I bought some so in this instance I was happy to be wrong.

Let’s get into the September version to see who’s in a buy zone and who might be lurking in a potential danger zone.

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Since the majority of publicly traded companies adhere their fiscal calendars to mirror the Gregorian variety, a massive number of stocks are slated to report their Q2 financials in the last couple of weeks in August. I counted over 1500 who reported in the same time frame last year - mostly shitco’s and pre-revenue miners.

I’m planning to talk to approximately twenty this time around. They include seven previous annual Wolf Picks, two of which have gone on to achieve ten bagger status, and one that has gained over 600%. They also include six buy zones opportunities, and five I’d be worried about that I’ve identified as being in the danger zone leading into their FINS.

Here are the stocks I’ll be discussing this month.

ZoomD Technologies (ZOMD.V) , Rubicon Organics (ROMJ.V), Emerge Commerce (ECOM.V), Build Direct (BILD.V), Volatus Aerospace (FLT.V), Trubar (TRBR.V), NTG Clarity (NCI.V), Happy Belly Food Group (HBFG.C), Kraken Robotics (PNG.V), Simply Solventless (HASH.V), Hydreight Technologies (NURS.V), Blumetric Environmental (BLM.V), Glow Lifetech ($GLOW.C), BeWhere Holdings (BEW.V), Imaflex (IFX.V), Sabio Holdings (SBIO.V), Now Vertical ($NOW.V), Well Health (WELL.TO) and NextLeaf Solutions (OILS.C)

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It’s never pleasing to feel this way like I currently do about a Wolf Pick - with NorthStar Tech a current one announced at the end of 2024. But here we are.

Yesterday, the company announced a non-brokered $3.6M private placement at 30 cents with a full warrant at 45 cents with a 36 month expiry, in addition to 30 cent broker warrants.

I announced NorthStar Clean as a 2025 pick at 31 cents back on Sunday December 15th and as of yesterday the 50 day average was 36 and 200 day at 34 cents with the stock closing at 37.5 cents on Thursday of last week.

I feel as though I have brought many new eyes and investors into the stock over the past eight months. Previous to July 10th when the company released news and an update video touting their achievement of producing their first liquid asphalt, the three highest volume days of the past year were on December 16th, the day after my Wolf Pick article was released to paid subscribers, and January 1st and 2nd, the two days following the free release of that same article. (Note, the fourth was today after I announced my exit in the Wolf Den discord at 10 am this morning)

I say this not to boost my own ego, but to highlight the fact that I feel a personal responsibility to tell it how I see it, good or bad, and even more so regarding stocks that I have put my name behind. And this pisses me off, even after sleeping on it last night.

Listen, as a pre-revenue longshot pick like NorthStar was, future dilutionary measures shouldn’t come as a surprise. But how raises are done are meaningful and they give you insight into how management values retail shareholders, so the way this one was done is very telling.

This raise was not available to the public. News of it only landed once completed and it involved insider participation and finders fees to third parties. More than half of the participants were not current shareholders which is additionally disturbing. WTF? This wasn’t done as a major strategic raise by one or two individuals or a current shingle manufacturers which would have been more palatable and acceptable.

I personally added more of the stock only three weeks ago and dozens of my subscribers have as well (Wolf Den discord users have a channel where they are free to share their live trades). Had a brokered deal been offered at 33 cents with a half warrant at 50 cents, I would have been one of the first in line, and I can assure you I wouldn’t have been alone.

Instead a friendly deal was given to insiders and a select few at a much higher discount than needed. This was a weak raise when they could have done one from a better position of strength. And that isn’t all that has occurred in the last ten days. Insiders also awarded themselves with 900k options at 33.5 cents and 1M free PSU’s - the “P” standing for performance btw.

I have my big boy pants on at all times, so I know how greasy microcaps can be sometimes, particularly pre-revenue ones. Sometimes it’s part of the game, but I also can choose which games I want to be a part of.

You know what would make this look worse? If an announcement comes out over the next week or so regarding the full commissioning of the Calgary facility. I think the chances of that are pretty good. In that case I could very well be leaving a few dollars on the table as the stock could pop on that announcement. Smart management may have waited for that announcement to potentially raise capital at a higher price. This management team chose to do it this way, participate themselves and offer it with a full warrant to a select few.

So how will they raise capital next time, because there will be a next time and what clique will that involve? I won’t be around to find out.

NorthStar Clean can kiss my asphalt.

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Disclaimer:

My intent is for my reviews to be a bolt on to due diligence that you have already completed. I receive dozens of review requests a week, therefore my own DD may be great or none whatsoever. Unless otherwise stated or implied, my opinions are on the financial performance of the company based on their most recent filings. I conduct these reviews to assist other retail investors whose research skills are limited when it comes to reviewing financial statements. I do not accept compensation of any kind from companies I review.

Wolf FINS Reviews are intended to be informational and are based on personal opinion. They are not intended to be financial advice, and all readers are encouraged to perform their own due diligence prior to their investment decisions, including discussions with their investment advisor.

Tomorrow is also the one year anniversary of moving my blog to Substack. Thanks to everyone who has helped to grow my readership from 300 then to just shy of 3500 now. It’s greatly appreciated.

Before we get into who to watch over the next few weeks, let’s take a look back at some of what I had to say in last months version. Of the ten stocks I covered last month, I identified two buy zone opportunities, one danger zone and several stocks I was “fading”.

Velan Inc - VLN.TO

The company delivered a very impressive quarter with net income from continuing operations of $17.8M compared to a $2.2M loss. The stock is up 10% from that buy zone call and looks to have even more room upwards.

California NanoTechnologies - $CNO.V

“Swing play” turned out to be the key word here with the stock bouncing 35% leading into the day of their financials. I made a quick 21% personally. While the YoY results were strong the QoQ results were not and the stock has since retreated back to where it originally was. Potential danger zone play when they next report.

Telescope Innovations - $TELI.C

I did not like the way TELI was trading on low volume leading into their earnings.

The stock dropped by 23% from the day before earnings to the day after as it reported a 17% decline in revenue and much higher losses giving them the disappointing quarter I had projected. It didn’t quite get down to 30 cents as mentioned but has bounced 17% from the 33 cent low.

I also faded Avant Brands which dipped by 10% post financials, CanadaBis Capital by 10% as well and Firan Technologies by 9%.

It wasn’t a perfect month however as I had this to say about Aritzia ($ATZ.TO)

Aritzia went on to deliver a monster of a quarter with 33% more revenue and 168% more net income. The stock is up 7.5% since my article. Clearly no dip.

Let’s get into some stocks who are scheduled to report in the next few weeks. Spoiler alert, more danger zones than buy zones this time around. Stocks covered including four annual Wolf Picks and a mid year Seal of Approval selection:

Tilray - TLRY.TO / Avante Corp - XX.V / Volatus Aerospace - FLT.V / Enterprise Group - E.TO / MDA Space - MDA.TO / Medexus Pharma - MDP.TO / Propel Holdings - PRL.TO / Dirtt Environmental - DRT.TO / Cematrix - CEMX.TO / Greenlane Renewables - GRN.V / KITS Eyecare - KITS.TO / Omni-Lite Industries - OML.V / Neupath Health - NPTH.V / Gatekeeper Systems - GSI.V / NTG Clarity - $NCI.V / McCoy Global - MCB.TO / Well Health - WELL.TO

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Fun fact - had you invested $100k each year spread across each of the last three years of annual selections for a total of $300k invested, that would be worth a total of $1,125,734. A 275% return overall and a 112% ARR isn’t too shabby over the past thirty months,and that doesn’t include my new mid year picks for 2025 which have also done fairly well. That doesn’t mean there were not a couple of turds in the punch bowl however.

2023 Wolf Picks:

2023 picks are up a combined 360% which includes one triple, a quadruple and a ten bagger. It’s also the only group of picks that doesn’t have a single stock in the red. I’ll list them from worst to best performers. I only currently still hold two of them (TRBR & HBFG).

NowVertical Group - $.56 cents at selection, $0.65 today. Up 16%.

To be honest, I’m tired of talking about NowVertical. Within three months of picking this stock, I recanted and sold for no gain. They are now on their third CEO since making this pick back on January 1, 2023. I’d just prefer if it goes away and nobody asks me to ever review it again.

Atlas Engineering Group - $0.75 cents at selection, $0.91 today. Up 21%

I have sold all of my shares of Atlas over the course of time here for decent gains, but this is one that is still fully on my radar. It peaked in the spring of last year for well over a double, but macroeconomic conditions within the housing and construction sector have been a heavy anchor. The softening sector has allowed them to scoop up some acquisitions on the cheap end. When the Canadian housing market rebounds in terms of new builds, and with the state of affordability it will eventually, AEP seems primed to capitalize. Keep on your watchlists.

Trubar (Formerly Simply Better Brands) - $0.24 at selection, $0.80 cents today, up 240%

The only ticker selected in multiple years. See 2025 write up.

KITS Eyecare - $2.58 at selection, $15.21 today, up 490%

When I sold my KITS position last summer, there were no regrets taking over 300% gains in less than two years as I watched the stock tumble by as much as 30% before the start of 2025. Since then however the stock has doubled and well above where I sold it for. Oh well, we move on.

KITS has had an incredible run on the top line with ten consecutive quarters with 20% or better gains on the revenue line. They are now starting to deliver some real net income as well, but at a 106 P/E and over 58 EV/EBITDA, the stock is looking a little rich.

Happy Belly Food Group - $0.10 at selection, $1.13 today, up 1030%

One of two Wolf Pick ten baggers and not coincidentally one of my largest small cap positions. There are those who believe the stock is overvalued and from a pure fundamentals view they have a case to make. But this one is about future growth and the company has the pipeline to deliver larger gains in a QSR space that trades on higher multiples and can get acquired at even higher ones.

2024 Wolf Picks:

The 2024 picks are performing better than the ones from 2023 over a shorter timeframe - up a combined 450%. Four of the five have at least doubled with one five and one sixteen bagger. Once again, I’m left holding two of them which also happen to be the top performers (PNG & NCI).

Thermal Energy International - $0.205 at selection, $0.135 today, down 34%

The overwhelming bummer of the group. Not only is it the only stock of the 2024 group that hasn’t doubled, but it has also been in the red since late November of last year. I sold my position well before then for minimal gains, but they haven’t completely fallen off my radar. I still think the company has an excellent product offering but their investments made on the selling side have just not paid off. Willy Loman should be able to sell something that has a five year payback period, but they just haven’t been able to figure it out. Don’t count these guys out for an eventual bounce back.

Enterprise Group - $0.76 at selection, $1.85 today, up 143%

I initially purchased Enterprise Group in the 40 cent range. Of the 2024 picks that I no longer hold, this was my most recent exit with 300% gains, but it could have been nearly double that had I sold at the top. Simply put, I just lost faith in the management group.

Gatekeeper Systems - $0.435 at selection, $1.37 today, up 215%

Until very recently, GSI was an underperformer. So how did this stock with their two recent quarters of revenues down by 26% and 40% respectively with even worse margins and profitability gain 250% since May 1st? Contract signings, some officially announced by the company and yet another leaked by LIRR (Long Island Rail Road), a three year deal worth $23M. Toss in some YouTube hype, and you have Gatekeeper on a serious heater.

With their recent margin performance and growth of opex on declining sales, I fear this is getting ahead of it’s ski’s sitting with an RSI of 90 in the well overbought range and a current market cap near $130M. They would have to deliver $8.6M in net income in 2026 to justify a 15 P/E and that is really hard to see when the company is currently EBITDA negative on a TTM basis.

Kraken Robotics - $0.61 at selection, $3.07 today, up 403%

Achieved 5 bagger status just yesterday closing above $3 and a new ATH. Currently trading at 9x revenue with a 40 P/E, Kraken has a lot to prove to justify it’s current $800MC valuation. But given significantly planned increases in defense spending across the globe, particularly here in Canada, Kraken’s opportunities are better than they ever have been.

NTG Clarity Networks - $0.15 at selection, $2.44 today, up 1527%

Technically, it was a pick at 3 cents, and building a position back then was difficult - as I was buying in 100k blocks when the stock was quite illiquid compared to today. The company did a 5:1 reverse split that spring and has gone up by over 16x since. The stock has already eclipsed my $2.70 price target mentioned earlier this year but has pulled back to $2.44 as of yesterday.

It still trades at an 11 P/E and 9 EV/EBITDA after delivering 30% quarterly revenue gains for twelve straight quarters,

2025 Wolf Picks:

Is this a good time to end this piece now? LOL

While the 2025 picks are a up a combined 15.4% since their selections, and still outproducing indexes, I certainly had higher hopes. From poorest to best in terms of performance, here they are:

Simply Solventless - $0.51 at selection, $0.22 today, down 57%

This one stings. HASH was a unique selection as I announced it as a 2025 pick in September of last year. Up until recently things were still looking up until audit delays, a failed acquisition and accounting problems sent the stock tanking at the beginning of June. While those accounting issues are expected to reverse into stronger results later this year, the company has a huge reputational problem to over come now, not to mention serious cash flow and inventory management concerns.

I tell my readers all the time that hope isn’t an investment strategy, yet here we sit.

Trubar (formerly SBBC) - $0.98 at selection, $0.80 today, down 18%

More than a triple from their 2023 selection but so far 2025 hasn’t been as kind. Much of the disappointing performance is due to their recent Q1 where revenue was down to last year in the $10 USD range. This was all due to a shift in a Costco (their largest customer by far) promotion. Company guidance is between $70 - $75M which would put their average quarter over the next three over $20M each. That would put annual revenue gains in the 70% gain area over 2024. I’m still long and have recently added, and wont be afraid to add more as their Q2 approaches.

ADF Group - $9.70 at selection, $7.95 today, down 18%

This one had some risks going in due to the tariff situation, particularly on steel. While it was a known risk in mid December, I wouldn’t have thought we would be sitting here on Canada Day with this situation still up in the air, and perhaps even recently escalating.

The stock has recovered from their lows however after a poor but encouraging Q1 result and conference call with a bullish 2H outlook. I still believe in the management team and see better days ahead. If and when the steel tariff situation is resolved, this will be a stock to watch.

Northstar Clean Technologies - $0.31 at selection, $0.36 today, up 16%

One of two 2025 long shot picks, and my only ever pre-revenue annual selection. The unit economics is what drew me here not to mention a third of potential revenue coming from their feedstock. We could be days away from their first plant opening, and yesterdays news about potentially securing funding for their first four USA sites was encouraging although I found a lot of details to be missing in the NR.

MTLC Cannabis - $0.19 at selection, $0.325 today, up 71%

Perhaps I was on a good edible stretch when I selected two weed stocks in my 2025 picks. Was it coincidental that the two largest volume days coincided with the annual pick announcement? Who’s to say?

Still remains a longshot with some things to prove for this illiquid play, but still trades below 6 EV/EBITDA.

ZoomD Technologies - $0.75 at selection, $1.49 today, up 99%

One of the stocks I have had the most fun with over the last seven months. Originally highlighted as a buy zone opportunity in late November leading into their financials at 49 cents - it proceeded to double on the day and I was not only able to sell for a double on earnings day at 99 cents, but was able to buy it all back later that day at 75 cents.

Over the past two weeks, the stock has finally received some over due recognition. It STILL trades at an 8 P/E and 6.2 EV/EBITDA for a stock that has delivered triple digit revenue increases for three straight quarters and delivers over 20% of that revenue to the net income line.

Mid Year Picks - Seal of Approval

Selecting HASH in September of last year as an early 2025 pick felt a little awkward, so I decided to come up with Wolf Seal of Approval picks that I would announce mid year as they happened. To date, I have had two.

D-BOX Technologies - $0.14 at selection (Feb 13), today $0.31, up 121%

McCoy Global - $2.43 at selection (March 6), $4.01 today, up 65%

Thanks for reading, and happy Canada Day!

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Disclaimer:

My intent is for my reviews to be a bolt on to due diligence that you have already completed. I receive dozens of review requests a week, therefore my own DD may be great or none whatsoever. Unless otherwise stated or implied, my opinions are on the financial performance of the company based on their most recent filings. I conduct these reviews to assist other retail investors whose research skills are limited when it comes to reviewing financial statements. I do not accept compensation of any kind from companies I review.

Wolf FINS Reviews are intended to be informational and are based on personal opinion. They are not intended to be financial advice, and all readers are encouraged to perform their own due diligence prior to their investment decisions, including discussions with their investment advisor.

April and May are typically very busy reporting periods as those involve companies with a traditional December 31 year end. June and July are certainly much lighter in terms of stocks to choose from, but I will speak to the following ten companies with market caps ranging from $6M to $6B.

Avant Brands AVNT.TO, Firan Technologies FTG.TO, Aritzia ATZ.TO, Telescope Innovations TELI.C, California Nanotechnologies CNO.V, NameSilo Technologies URL.C, ESE Entertainment ESE.V, Canaf Investments CAF.V, CanadaBis CANB.V and Velan Inc VLN.TO.

Since this will be a shorter version and to give my free subscribers some insight into what this monthly piece is all about, here is some of what I said last month and what worked and what didn’t.

ZoomD Technologies (ZOMD.V), also a 2025 Wolf Pick was called out as a Buy Zone in the article. At the day of writing the stock traded at 74 cents. It moved to 81 cents before earnings and closed yesterday at $1.25 for a 69% win.

Happy Belly Food Group (HBFG.C), a 10 bagger from my 2023 Wolf Pick, also identified a Buy Zone opportunity from $1 - $1.06. It currently trades at $1.15 but I believe that buy zone could again come into play prior to their next earnings.

Biorem Inc. (BRM.V) was another buy zone selection. While their earnings were on the disappointing side, the stock is up about 11% but that is more due to post financials news (buybacks) than the earnings themselves.

Northstar Gaming (BET.V). I referred to this one not as a Buy or Danger Zone, but as a Twilight Zone. It was trading at 6 cents and as of close yesterday is down 25% at 4.5 cents.

I faded, or passed on the following stocks leading into earnings:

BluMetric Environmental (BLM.V) - $1.70 at earnings and closed at 1.38 yesterday, down 19%

Hydreight Technologies (NURS.V) - $1.84 at earnings and closed at $1.63 yesterday, down 11%

Sabio Holdings (SBIO.V) - $0.57 at earnings and closed at $0.46 yesterday, down 19%.

Buildirect.com (BILD.V) - $1.41 at earnings and closed at $1.32 yesterday, down 6%

Tornado Infrastructure (TGH.V) $1.78 at earnings and down 5%

On the not so good side, I also called out Now Vertical (NOW.V) as a potential Buy Zone opportunity. It traded at 61 cents on earnings day, now sits at 59, but dropped to as low as 49 cents post earnings. This may be the last that I speak about them, but I have made that declaration before.

I also had ADF Group as a likely Danger Zone selection. While the earnings were indeed disappointing dropping 50% on the revenue line, profitability and a bullish second half sentiment surpassed expectations, and the stock is up 16%. As a 2025 Wolf Pick, I wasn’t disappointed to be wrong on that one.

Let’s get into the June version.

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• First access to annual picks, upgrades and mid year Seal of Approval picks.

• Monthly “What’s Wolf Watching” preview of upcoming earnings and potential market moves.

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• Access to The Wolf Den discord community (daily insights, charts, chat & Q&A)

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NOW.V / BLM.V / NURS.V / ZOMD.V / AEP.V / SBIO.V / HASH.V / BQE.V / ZTE.V / PNG.V / BRM.V / BILD.V / NCI.V / HBFG.C / DRX.TO / TGH.V / BET.V

For first time readers of “WWW”, this is my monthly look ahead at upcoming earnings. We could see as many as eight current or previous annual Wolf Picks in the next month including two that have resulted in ten baggers. Who am I watching closely, what potential Buy Zone opportunities may be out there, and who am I fading with potential danger zones?

Paid Subscriber Benefits:

• First access to annual picks, upgrades and mid year Seal of Approval picks.

• Monthly “What’s Wolf Watching” preview of upcoming earnings and potential market moves.

• FinsDontLie Scholastic Series - exclusive educational posts

• NEW - Access to The Wolf Den discord community (daily insights, charts, chat & Q&A)

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